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Trading The Next Leg Down
By:
Scott Johnson
Thursday, November 20, 2008 11:49 AM
Symbols:
CHA
,
CHL
,
EFD
,
F
,
FDRY
,
GM
,
GMCR
,
MANT
,
TDG
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MA looks like it has ample room to fall, and was lower on increasing volume yesterday.
- DAI: People are realizing the crisis for automobile manufacturers extends way beyond Ford and GM.
- TM: Ditto.
- GMCR went into its earnings report with massive short interest. Earnings happened to coincide with Thursday huge rally. I think we go lower from here.
- FDRY had a big drop after October earnings, and has retraced to resistance on lower volume.
- MANT: I am looking for a breakdown out of this triangle.
- CHA is has a fairly clean trendline, is just below the declining 50 day moving average, and has bearish volume patterns.
- CHL looks a lot like CHA.
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